The Illinois Appellate Court has reversed and remanded the decision dismissing the lawsuit brought by Advantage Marketing Group Inc. James P. Keane Sr. was one of the founders of Advantage Marketing Group Inc. Keane maintained a 35% shareholder stake in the company. Keane had formally served as a director, officer and employee at Advantage Marketing.
Despite not being a company officer for the past several years, Keane repeatedly held himself as an owner and received the same bonus as Patty Hermann, the majority shareholder director at Advantage Marketing, and was a “principle employee . . . with wide-ranging responsibilities equivalent to those of an officer.”
Keane had developed and maintained Advantage Marketing’s natural records and explored strategic acquisitions, buying up competing businesses.